www.www.worldexecutivesdigest.com | How to Get a Pay Stub When Self Employed | Are you trying to figure out how to get a pay stub when you’re self employed? Read this article to leran what you need to know about being self employed.
Owning your own company definitely offers a lot of benefits.
You can work when you want to and there’s no more clocking in and out. You can take time off when you need it, and you can build the business the way you want to.
However, with every positive thing in life, there can be some drawbacks.
One of the drawbacks of self-employment is the problems you can experience when trying to prove your income to qualify for a loan. If you don’t take a regular check, you probably don’t have pay stubs.
Proving income through pay stubs is what lenders are looking for, though. So, you might be wondering how to get a pay stub?
I’m glad you asked. Read this article as I explain your options for getting pay stubs when self-employed.
Why You Need to Learn How to Get a Pay Stub
People who are employees for companies receive a pay stub every pay period. This stub tells them their earnings for the pay period, their deductions, and their net pay.
Anyone who receives pay stubs can easily prove their income which is vital when applying for just about any type of loan. If you’re self-employed and do not take regular paychecks, you wouldn’t have pay stubs to prove your income.
So how do you prove how much you make?
Most lenders will require a lot of additional documentation from people who are self-employed to have a way of fully evaluating a person’s financial state. This may include submitting bank statements, tax returns, and a lot of business documents.
What a hassle.
If you could just get your hands on pay stubs from your own company, you’d eliminate a lot of stress. You’d also eliminate the need to gather up tons of documents just to prove that you earn money through your business.
Two Options for Getting Pay Stubs
Understanding why you need pay stubs is step one. Step two is finding a way to get them and there are two main options:
- Hire a Payroll Service Company
There are all kinds of companies you can hire that offer payroll services. Hiring one allows you to have a company do the work for you.
They’ll calculate your earnings and deductions and provide you with the breakdown and pay stub every pay period.
The downside is you’ll have to pay for this service, and it’s not always cheap.
- Create Your Own
The second option is to create your own pay stubs. Creating your own pay stubs is more affordable than hiring it out, and it’s very easy to do.
If you’re interested in this option, you can use this helpful site to learn more about creating your own pay stubs.
The Importance of Having Pay Stubs
You can see that having pay stubs is highly important if you ever want to borrow money, and now you know your options for how to get a pay stub.
If you are interested in learning more about this, make sure you check out our blog as there are a lot of helpful articles you can read for more information.